Which companies are returning their PPP loans? Here's the list.

Treasury Secretary Steven Mnuchin said companies receiving loans over $2 million would be audited and warned of potential criminal liability.
Image: A woman walks past a Nathan's hot dog cart on Wall Street in New York on April 12, 2019.
Nathan's Famous Inc., which sold over 700 million hot dogs last year, said it would be returning its $1.2 million loan.Drew Angerer / Getty Images file

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By Ben Popken

Facing public backlash, government warnings and private misgivings, more than a dozen companies and big businesses have so far announced that they have returned, or intend to return, small-business coronavirus relief loans issued by the Small Business Administration.

Under the Paycheck Protection Program launched in early April, businesses can apply for loans with their banks to help them shore up payroll and fund essential expenses, such as rent and utilities. If the businesses follow certain rules, such as using the bulk of the funds to keep employees hired and paid, the loan turns into forgivable grants.

Over a million businesses large and small applied under the loose guidelines, which said companies must have fewer than 500 employees and must be able to demonstrate economic injury due to the coronavirus shutdowns.

But after the $350 billion of initial funding started to run dry — and publicly traded companies with more access to funds started making headlines for receiving government assistance while smaller businesses were left out — some companies had second thoughts.

(An entire list of which public companies received PPP loans is available here, based on SEC filings analyzed by FactSquared, a political and media data firm)

The SBA and the Treasury Department issued new guidance this week, clarifying that the loans were not intended for companies with access to the equity market. Treasury Secretary Steven Mnuchin warned companies last week that they could suffer consequences if they could not certify that they were facing economic injury. Companies have until May 7 to return funds "in good faith."

On Tuesday, Mnuchin said companies receiving loans over $2 million would be audited, and he warned of potential criminal liability.

Over $160 million of the over $900 million received by the nearly 300 public companies that disclosed PPP loans has been returned. Together, all the public companies which have so far disclosed receiving the funds have a combined market cap of over $18 billion.

Under the program, the maximum loan is $10 million, based on payroll calculations. Three restaurant firms got more than $10 million because each had two subsidiaries that applied for separate loans.

ADMA Biologics

Description: Specialty pharmaceutical company.

Loan: $5.4 million

Market cap: $259 million

Full-time employees: 313

Aquestive Therapeutics

Description: Specialty pharmaceutical company and maker of Suboxone, an opioid addiction treatment.

Loan: $4.8 million

Market cap: $139 million

Full-time employees: 232

Ashford Hospitality Trust

Description: Real estate investment trust specializing in high-end hotels, externally advised by Ashford Inc.

Loan: $45.9 million

Market cap: $80 million

Full-time employees: Unavailable

Ashford Inc

Description: Real estate asset management firm which advises Ashford Hospitality Trust and Braemar Hotels & Resorts.

Loan: $3.3 million

Market cap: $23 million

Full-time employees: 123

Aviat Networks, Inc.

Description: Maker and seller of wireless networking products.

Loan: $5.9 million

Market cap: $51 million

Full-time employees: 708

Ballantyne Strong

Description: Holding company whose subsidiaries make cinema equipment, projectors and lighting.

Loan: $3.1 million

Market cap: $23 million

Full-time employees: 290

BioLife Solutions

Description: Supplier of cell and gene therapy tools, including design and manufacturing of liquid nitrogen tanks and cryogenic equipment.

Loan: $2.1 million

Market cap: $230 million

Full-time employees: Not disclosed

BK Technologies Corp.

Description: Suppliers of two-way radio equipment.

Loan: $2.2 million

Market cap: $30 million

Full-time employees: 109

Braemar Hotels & Resorts, Inc.

Description: Real estate investment trust specializing in high-end hotels, externally advised by Ashford Inc.

Loan: $18.5 million

Market cap: $96 million

Full-time employees: Unavailable

CalAmp Corp.

Description: Sellers of equipment and systems for remotely monitoring vehicles.

Loan: $10 million

Market cap: $218 million

Full-time employees: 882

Castlight Health, Inc.

Description: Health benefits platform provider.

Loan: $10,000,000

Market cap: $108 million

Full-time employees: 463

Collectors Universe, Inc.

Description: Provider of grading and authentication services for collectibles such as coins, trading cards and autographs.

Loan: $4.2 million

Market cap: $202 million

Full-time employees: 377

Cytosorbents

Description: Medical device company whose flagship product, CytoSorb, is being used to treat sepsis in COVID-19 patients.

Loan: $1.4 million

Market cap: $310 million

Full-time employees: 153

Durect

Description: Biopharmaceutical research and development.

Loan: $2 million

Market cap: $421 million

Full-time employees: 90

Energy Services of America Corporation

Description: Natural gas pipeline maker and servicer based in West Virginia.

Loan: $3.3 million

Market cap: not available

Full-time employees: 85

Escalade, Incorporated

Description: Makers of sporting goods, including The Step.

Loan: $5.6 million

Market cap: $107 million

Full-time employees: 468

Fiesta Restaurant Group, Inc.

Description: Owner, operator and franchiser of the Pollo Tropical and Taco Cabana fast casual restaurant chains.

Loan: $15 million

Market cap: $170 million

Full-time employees: 10,480

Graham Corporation

Description: Designer and manufacturer of heat transfer equipment used in oil refining.

Loan: $4.59 million

Market cap: $129 million

Full-time employees: 337

Hallmark Financial Services

Description: Property and casualty insurers for businesses and consumers.

Loan: $8.3 million

Market cap: $56 million

Full-time employees: 439

IDT Corp.

Description: Newark, New Jersey-based telecommunications company that offers service and sells prepaid phone cards.

Loan: $10 million

Market cap: $152 million

Full-time employees: 1,270

J. Alexander's Holdings Inc.

Description: Holding company for several casual restaurant chains, including the Stoney River Steakhouse & Grill, Redlands Grill and Lyndhurst Grill steak chains.

Loan: $15.1 million

Market cap: $66 million

Full-time employees: 4,200

Kura Sushi USA Inc.

Description: American subsidiary of a Japanese sushi chain, with over 400 locations.

Loan: $6 million

Market cap: $107 million

Full-time employees: 1,400

Lantronix

Description: Makers of secure data access and management hardware and software.

Loan: $2.4 million

Market cap: $82.6 million

Full-time employees: 210

Lindblad Expeditions

Description: Luxury cruise provider

Loan: $6.6 million

Market cap: $343 million

Full-time employees: 670

Los Angeles Lakers

Description: Los Angeles NBA franchise.

Loan: $4.6 million

Estimated value: $3.7 billion

Manning & Napier, Inc.

Description: Rochester, New York-based investment management firm.

Loan: $6.7 million

Market cap: $58 million

Full-time employees: 297

Myomo

Description: A wearable medical robotics company which makes orthotics for patients with neuromuscular disorders.

Loan: $1 million

Market cap: $11.3 million

Full-time employees: 49

Nathan's Famous

Description: Casual restaurant chain specializing in hot dogs.

Loan: $1.2 million

Market cap: $253 million

Full-time employees: Not available

OptiNose Inc.

Description: Pharmaceutical company focused on delivering products to treat ear, nose, throat and allergy patients.

Loan: $4.4 million

Market cap: $195 million

Full-time employees: 221

Potbelly Corp.

Description: Restaurant chain with nearly 500 locations, specializing in heated sandwiches.

Loan: $10,000,000

Market cap: $72 million

Full-time employees: 6,000

Ruth's Hospitality Group

Description: Holding company that owns the chain of high-end Ruth’s Chris Steak House locations.

Loan: $20 million

Market cap: $274 million

Full-time employees: 5,740

Shake Shack

Description: Fast casual chain of made-to-order hamburgers and its namesake milkshakes.

Loan: $10 million

Market cap: $2 million

Full-time employees: 7,603

TransMedics Group, Inc.

Description: Develops commercial products for performing organ transplant therapy.

Loan: $2.2 million

Market cap: $380 million

Full-time employees: 109

U.S. Auto Parts Network

Description: Aftermarket auto parts and accessories provider. Online presence includes autopartswarehouse.com, carparts.com, and jcwhitney.com

Loan: $4.1 million

Market cap: $134 million

Full-time employees: 843

Ultralife Corp.

Description: Battery and communications manufacturer.

Loan: $3.5 million

Market cap: $112 million

Full-time employees: 573

Wave Life Sciences USA, Inc.

Description: Clinical-stage genetic medicine company, whose parent company is based in Singapore.

Loan: $7.2 million

Market cap: $300 million

Full-time employees: 301

Windtree Therapeutics

Description: Biotech and medical device company specializing in pulmonary and cardiovascular disease treatment.

Loan: $546,000

Market cap: $45 million

Full-time employees: 31

Data source: NBC News analysis of SEC filings, FactSquared, Google Finance, Forbes. Last updated: 5/06 2:00 p.m. ET.